The Financial Supervisory Commission (FSC) yesterday fined Cathay United Bank (國泰世華銀行) NT$2 million (US$68,622) and banned the lender from setting up new automatic teller machines (ATMs) as the bank’s ATM service malfunctioned several times recently, significantly affecting clients, the commission said.
The commission also raised the risk factor for Cathay United Bank in light of the recent incidents.
The bank must increase its capital by at least NT$750 million to keep its BIS capital adequacy ratio unchanged at 16.25 percent, Banking Bureau Chief Secretary Phil Tong (童政彰) told a news conference.
The bank could issue new shares or bonds to perform the
Four local banks with exposure to NT$5 billion (US$178.44 million) in Russian bonds expect more losses after the bonds’ ratings were downgraded due to sanctions against Russia following its invasion of Ukraine, the Financial Supervisory Commission (FSC) said yesterday.
Some of the Russian bonds held by local banks are Russian government bonds, whose yields rose from less than 5 percent in January to 19 percent last month.
As yields and bond prices move in opposite directions, rising yields would lower the prices of bonds.
If the banks determine that the Russian bonds are likely to default, they would need to book more
The Financial Supervisory Commission yesterday granted an operating license to All Win Co (全盈支付金融科技), an electronic payment start-up owned by Taiwan FamilyMart Co (全家便利商店), E.Sun Commercial Bank (玉山銀行) and PChome Online Inc (網路家庭).
The start-up must commence operations within six months of obtaining the license, Banking Bureau Chief Secretary Phil Tong (童政彰) told a news conference.
All Win is 67 percent-owned by FamilyMart, with E.Sun Bank owning 18 percent and Pi Mobile Technology Inc (拍付國際), an affiliate of PChome Online, holding a 15 percent stake, the commission said.
FamilyMart president Hsueh Dong-du (薛東都) is to serve as chairman of All Win, and E.Sun
The 4.55 million users of iPass Money the nation’s second-largest electronic payment service, which was previously called Line Pay Money found the service more inconvenient to use after iPass Corp (一卡通票證) and Line Pay Taiwan (連加網路商業) separated.
The service was initially a collaboration of the two companies, but it has been solely operated by iPass since Line Pay sold its stake in the service and walked out of the iPass boardroom in November last year, data from the companies showed.
However, iPass, a Kaohsiung-based stored-value card company, does not have an independent payment app for users, so the users
The overseas branches of local banks regained profit momentum last year with annual growth of 58 percent in their combined pretax profits, the first profit growth since the COVID-19 pandemic began on the back of reduced bad debts, the Financial Supervisory Commission said yesterday.
The combined pretax profits at overseas branches totaled NT$32.48 billion (US$1.17 billion) last year, up 58 percent from NT$20.53 billion in 2020, commission data showed.
Combined pretax profits plummeted 49 percent year-on-year in 2020 as the COVID-19 pandemic disrupted the businesses of corporate clients, causing some syndicated loans to turn sour and driving branches to recognize more non-performing